Gross mortgage lending 'down 36%'
Gross mortgage lending in July was down 36 per cent year-on-year, according to the latest figures from the Council of Mortgage Lenders (CML).
The organisation indicated that, although lending was up 26 per cent on June's data to £16 billion, it was still a significant way behind July 2008 when mortgage activity totalled £34.9 billion.
Commenting on the latest results, CML economist Paul Samter said: "The CML's July gross lending estimate of £16 billion is the highest level in nine months and consistent with the rise in house purchase approvals."
With fewer people getting mortgages than last year, property to rent in Wandsworth, flats to rent in Farringdon or rental accommodation in other parts of the UK may be an option for some.
Indeed, various indexes have shown that rent levels in some parts of the UK are lower than they were in 2008, which suggests it could be an ideal time to consider the private rented sector for a place to live.
Written by Ben Carter
Published 20th August, 2009
© 2009 Estates IT Limited
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Mortgage lending down considerably year-on-year, according to the Council of Mortgage Lenders.